Australian real estate value hits new high

Added On August 3, 2015

  The value of Australian housing was reported to hit 6 trillion Australian dollars (about 4.39 trillion U.S. dollars) on Monday, driven by the overheated property markets of Sydney and Melbourne.

Data released by global real estate analysts CoreLogic RP Data Home reported Australia's capital cities pushed another 2.8 percent higher in July and have lifted 11.1 percent during the past year.

Melbourne led the charge, with home values growing 4.9 percent, the fastest pace of growth in any month since CoreLogic RP Data began researching the Australian market in 1996.

Home values in Sydney rose 3.3 percent for the month.

The rapid increases, after mixed results in the previous three months, come as the Reserve Bank decides whether to move on interest rates.

CoreLogic stated the total value of residential property in Australia has reached 6 trillion Australian dollars for the first time.